Warner to sell $535M of notes to help fund three acquisitions worth $710M
Wednesday . WMG will use the net proceeds and cash on hand for these acquisitions of “certain music and music-related assets,” or for “general corporate purposes” if it does not close on any of the deals, according to one of itsWMG has signed non-binding letters of intent for the three acquisitions, which would have added additional revenue and adjusted EBITDA of $42.8 million and $34.4 million, respectively, to the company’s fiscal year ending Sept. 30, 2021. Those gains would represent a 0.
This isn’t the first time WMG has taken advantage of low interest rates for acquisitions and sounder financial footing. Since its June 2020 initial public offering, Warner has lowered its average cost of debt from 4% to 3.2%, and has no debt maturities until 2028, the company noted in its Nov. 15 earnings call. The same month, WMG
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